StockCharts TV: “Defense Wins Championships”

2 years ago 871 views 3 min read

Tyler Wood, CMT

Chief Operating Officer

GoNoGo Charts

“Defense Wins Championships”

Alex and Tyler review the markets that have been struggling through the tough macro environment. Looking closely at charts of treasury yields, the U.S. Dollar and oil, on both a near-term and long-term basis, investors can see the headwinds and the correlation of these intermarket forces.

As seen throughout 2022, rates tend to move inversely to stocks and the recent relief rally has partnered with some consolidation of the “Go” trend in treasury yields. Importantly, as we complete Q2 of the year, the U.S. Dollar has a confirmed breakout of a multi-decade range that puts the next resistance area back to the 2002 highs. From an asset allocation standpoint, the GoNoGo RelMap highlights a period of rotation and change – particularly for the energy sector ($XLE), which has fallen out of its daily trend on both a relative and absolute basis. Relative strength in the Healthcare ($XLV) and Consumer Staples ($XLP) sectors persist as defense is on the field for this bear market. Agiliti (AGTI) and CryoPort (CYRX) are highlighted as trade opportunities in fresh “Go” trends, while ETSY presents the case for further downside moves.

Join Alex and Tyler at the MetaStock Traders Summit – June 27 at 11am https://www.metastock.com/offer/event…

And in July at the Wealth365 Investment Conference July 13 & 15 at 2pm ET https://www.wealth365.com/gonogo/

00:00 – Intro

01:11 – GoNoGo Cross Asset Heat Map

02:36 – S&P500: New Lows, Daily and Weekly

05:20 – $TNX – Rates Rally off Support

06:47 – $USD – Dollar Confirmed Breakout Daily, QTRLY

11:43 – USO – Momentum Breakdown at Zero Line on Heavy Volume, Trend is Lost

13:38 – S&P Sector RelMap

16:15 – Agiliti Inc. Healthcare (AGTI)

20:10 – CryoPort (CYRX)

24:00 – Etsy (ETSY) – NoGo